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Singapore Economics Growth at 4-Year High with Firmer Recovery in Services

3Q GDP Accelerates to +5.2% with Services Upgrade

 

GDP surged by +5.2% in the third quarter of 2017 from a year ago, a significant upward adjustment from the +4.6% flash estimate as both manufacturing and services were revised upwards. Growth is broadening more firmly from manufacturing and external-oriented services to the domestic economy, such as information & communications and business services.

 

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Singapore Banks

 

A year of greater conviction

• Three things to watch in 2018: (1) NIM acceleration is for real, (2) cleaner asset quality position with lower credit costs, (3) sustained loan growth recovery

• On a cleaner slate after oil & gas NPL woes; lower credit costs expected

• IFRS9/SFRS109 implementation from 1 January 2018; UOB could see earnings upside

• BUYs for both OCBC and UOB; OCBC preferred

 

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